Allianz buoyed by demand for sharia policies in Indonesia

Allianz Life Syariah, provider of sharia-based life insurance, posted a 7.2% gross premium income increase in 2015, rising to Rp739.1 billion (US$56 million).

In a statement, the company attributed its strong performance last year to strong growth in its client base. It issued 24,000 new insurance policies in 2015, bringing its total number of clients to 187,000.

Kiswati Soeryoko, the chief of sharia and corporate communication at Allianz Indonesia, said in a statement that the performance in 2015 was supported by Indonesian’s growing demand for shariah insurance.

In 2015, Allianz Life Syariah paid out Rp231.6 billion in claims, a 31% increase from the same period a year ago.

The company is aiming to grow its gross premium income this year by between 10% and 15%.